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Alternative Market Briefing

Hedge funds approach upper end of long exposure

Tuesday, April 15, 2014

Bailey McCann, Opalesque New York:

Funds continued to add to their net long exposures for the second week, according to the latest hedge fund monitor data from Bank of America Merrill Lynch. Last week Opalesque reported on the beginning of this trend after hedge funds faced a few weeks of being whipsawed. Equity Long/Short market exposure at 40% net long; in line with 35-40% benchmark level; Market Neutral funds are 5% net long.

The Diversified Investible Hedge Fund Composite Index is down 0.59% for first week of Q2 versus S&P500 which is down 1.08% on a price returns basis till April 8. CTA advisors performed the best during this period, up 0.69%. Equity Long / Short performed the worst down 1.23%.

In terms of positions, funds decreased their long positioning in Soybean and Wheat futures but increased Corn futures. In metals, funds decreased Gold longs. They increased Silver longs and reduced Copper shorts. They increased Platinum longs and maintained palladium longs. In energy, funds increased their Crude longs and increased Natural Gas shorts but doubled Heating Oil shorts. They also decreased gasoline shorts.

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